Huldra Silver Inc. obtains extension of CCAA protection
VANCOUVER, B.C., August 26, 2013 – Huldra Silver Inc. (“Huldra” or the “Company“) announces that the Supreme Court of British Columbia (the “Court“) has granted an Order (the “Extension Order“) extending the expiry date of the stay of proceedings and period of creditor protection for the Company and its subsidiaries under the Companies’ Creditors Arrangement Act (Canada) (“CCAA“) from August 23, 2013 to November 25, 2013.
Pursuant to the Extension Order, the administration charge, the debtor-in-possession lender’s charge and the directors and officer’s charge provided for in the initial Order of the Court dated July 26, 2013 (the “Initial Order”) were subordinated to a charge in favour of Her Majesty the Queen in Right of the Province of British Columbia on certain of the Company’s properties. The Extension Order and related Court documents will be filed on SEDAR (www.sedar.com) under the Company’s profile. See the Company’s news releases dated July 26, 2013 and August 16, 2013 for additional information regarding the Initial Order and the CCAA proceedings. While under CCAA protection, Huldra will continue attempting to restructure its financial affairs and recommence operations at its mine and mill.
On behalf of the Board of Directors
CFO & Director
For additional information contact:
Garth Braun at 604-647-0142>
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events including: (i) that Huldra will be able to restructure its financial affairs, (ii) that Huldra will be able to recommence operations at its mine and mill, and (iii) the timing and duration of CCAA protection. No assurance can be given that any of the events anticipated by the forward-looking statements will occur as planned or at all, or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) that Huldra is unable to secure additional financing or make arrangements with its creditors, (2) that Huldra will be unable to recommence operations at its mine and mill for any reason whatsoever, (3) that the timing and duration of CCAA protection may be shorter than expected, (4) a downturn in general economic conditions in North America and internationally, (5) volatility and fluctuation in the prices of silver, lead and zinc, (6) volatility and fluctuation in the price of the Company’s stock and stock of resource issuers generally, (7) the uncertainty involved in Court proceedings and the implementation of a plan of restructuring under the CCAA, and (8) other factors beyond the Company’s control. Readers are cautioned that the foregoing list of factors is not exhaustive. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.